Nahdi Medical plans IPO, listing on Saudi Exchange

Nahdi Medical Company, a major retail pharmacy chain in Saudi Arabia, said it will proceed with an initial public offering (IPO) and listing of its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

The offering is expected to comprise a sale of existing shares and result in a free float of 30 per cent. Tadawul approved the company’s application for the listing of the shares on the Main Market on 19 December 2021 and the Capital Market Authority (CMA) approved the company’s application for the initial public offering of 39,000,000 ordinary shares (representing 30% of the company’s share capital) on 29 December 2021.

The price at which all subscribers in the Offering will purchase shares will be determined at the end of a book-building period.

Nahdi is an innovative, purpose-driven Saudi Arabian retail pharmacy and healthcare company which exists to add beats to the lives of its Guests (customers), every day. The company has a history spanning more than 35 years of transforming the delivery of health and wellbeing products and services to millions of Guests.

Nahdi is supported by two prominent shareholders, Al Nahdi Holding Company and Sedco Holding.

The company is a market leading retail pharmacy chain in Saudi Arabia with 1,151 pharmacies and owns and operates a primary healthcare services business with 2 polyclinics and 7 express clinics evolving into a holistic omnihealth platform.

Nahdi’s pharmacies cater to the needs of over 100 million customers annually and operate across the largest brick & mortar network in Saudi Arabia serving 97% of the population across 144 cities and towns. Products include medicine, beauty products, mother and baby care products, and a wide range of wellness and consumer products.

Yasser Joharji, Chief Executive Officer of Nahdi, said: “Nahdi is a purpose-driven health and wellbeing company with a heart. For over 35 years Nahdi has been transforming the delivery of healthcare products and services to tens of millions of Guests, one beat at a time. Today, Nahdi is the largest pharmacy retail chain in Saudi Arabia operating more than 1,150 stores in 144 cities and towns across the Kingdom and a growing number in the UAE.

“Despite our market leadership, we go above and beyond retail pharmacy by putting our Guests at the centre of all our activities and initiatives. We want our Guests to feel that there is one partner who is always thinking about bringing them the full health and wellness ecosystem to their fingertips and doorsteps. As such, Nahdi’s growing omnihealth platform is revolutionizing the provision of primary healthcare services to our Guests.”

“Our track record for Guest-centricity, continuous innovation, supply chain management, talent cultivation, and broad community engagement has also translated into consistently excellent financial performance over the years. This all gives me full confidence that Nahdi is living up to its vision of being the most loved & trusted health and wellbeing partner of our Guests,” explained Joharji.

“Today, with the launch of our intention-to-float 30% of the Company’s shares to the public, it gives me immense pride to invite retail and institutional investors, who believe in Nahdi’s mission, to join us on our journey of redefining the future of primary healthcare for all our Guests, one beat at a time.”